Eckert & Ziegler SE
Eckert & Ziegler supplies radioactive materials and specialist equipment that medicine developers, hospitals and industrial companies use for medical imaging, cancer treatments and precise measurements.
Overview
Latest results
Jan–Jun 2026 · Reported in EUR
Latest financial publication
First-half 2026 results
Investment Thesis
An established isotope supplier expanding its role in nuclear medicine
European Tech Equities analysis ·
The investment case
Eckert & Ziegler offers exposure to the materials and equipment behind nuclear medicine rather than a single experimental drug. If more targeted radiation medicines enter trials and reach patients, suppliers could benefit from greater demand. The industrial isotope business provides a separate source of sales.
Commercial progress
The October 2026 actinium-225 manufacturing authorisation extends its ability to supply a material being studied for targeted cancer treatments. The TerThera agreement adds another isotope for its Brazilian business. Neither announcement establishes an approved new medicine or discloses a contract value.
Customer demand
Customers need reliable isotope supply as they develop medicines, serve clinics or run industrial instruments. Medical growth depends partly on the clinical and regulatory success of drugs made by other companies. Competition, raw-material availability and the cost of expanding capacity will influence how much of that demand becomes profitable sales.
Financial position
First-half 2026 revenue was €149.3 million, broadly unchanged from a year earlier. Operating profit was €33.3 million and profit attributable to shareholders was €22.4 million. Operating cash flow fell to €12.8 million from €22.0 million; the prior year benefited from an actinium-related licence payment. June cash of €110.2 million exceeded borrowings and leases of €41.0 million.
Value and funding
This is already a profitable supplier, so valuation can be considered alongside current earnings and the investment needed for expansion. Management’s 2026 targets of about €320 million revenue and €80 million adjusted EBIT are forecasts, not reported results. The balance between dependable existing sales and future medical isotope growth matters more than treating every research programme as a future customer.
What would weaken the case
- Clinical failures, approval delays or changing treatment choices can reduce demand from pharmaceutical customers.
- Scarce starting materials, radiation regulation, transport constraints and new-facility costs can disrupt supply or margins.
- BaFin’s review of the 2024 Pentixapharm spin-off accounting remained relevant at the review date; the company said it did not affect other operating figures or subsequent years.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Pentixapharm was spun off in 2024. Its drug pipeline is not part of Eckert & Ziegler. The 2024 cash-flow comparison includes discontinued operations; half-year 2025 and 2026 figures relate to the continuing group.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS figures in EUR millions; basic EPS in EUR. Operating profit is the operating-result line, before associates, valuation, foreign-exchange and hyperinflation items included in the company’s EBIT. Net income is attributable to shareholders. FY 2024 net profit and cash flow include discontinued Pentixapharm; revenue and operating profit are continuing operations. Prior EPS reflects the 2025 share split.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
Pentixapharm was spun off in 2024. Its drug pipeline is not part of Eckert & Ziegler. The 2024 cash-flow comparison includes discontinued operations; half-year 2025 and 2026 figures relate to the continuing group.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS figures in EUR millions; basic EPS in EUR. Operating profit is the operating-result line, before associates, valuation, foreign-exchange and hyperinflation items included in the company’s EBIT. Net income is attributable to shareholders. FY 2024 net profit and cash flow include discontinued Pentixapharm; revenue and operating profit are continuing operations. Prior EPS reflects the 2025 share split.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Pentixapharm was spun off in 2024. Its drug pipeline is not part of Eckert & Ziegler. The 2024 cash-flow comparison includes discontinued operations; half-year 2025 and 2026 figures relate to the continuing group.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS figures in EUR millions; basic EPS in EUR. Operating profit is the operating-result line, before associates, valuation, foreign-exchange and hyperinflation items included in the company’s EBIT. Net income is attributable to shareholders. FY 2024 net profit and cash flow include discontinued Pentixapharm; revenue and operating profit are continuing operations. Prior EPS reflects the 2025 share split.
Quarterly
Income statement
Sources and details
Pentixapharm was spun off in 2024. Its drug pipeline is not part of Eckert & Ziegler. The 2024 cash-flow comparison includes discontinued operations; half-year 2025 and 2026 figures relate to the continuing group.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS figures in EUR millions; basic EPS in EUR. Operating profit is the operating-result line, before associates, valuation, foreign-exchange and hyperinflation items included in the company’s EBIT. Net income is attributable to shareholders. FY 2024 net profit and cash flow include discontinued Pentixapharm; revenue and operating profit are continuing operations. Prior EPS reflects the 2025 share split.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Interviews
Interviews are coming soon
No interviews with Eckert & Ziegler SE have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2025 · Published Aug 13, 2026 · Checked Oct 30, 2026
H1 2026 · Published Aug 13, 2026 · Checked Oct 30, 2026
Q2 2025 · Published Aug 13, 2026 · Checked Oct 30, 2026
Q2 2026 · Published Aug 13, 2026 · Checked Oct 30, 2026
FY 2024 · Published Mar 26, 2026 · Checked Oct 30, 2026
FY 2025 · Published Mar 26, 2026 · Checked Oct 30, 2026
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